The New York Times reports:
Vaccinations and federal aid helped lift the U.S. economy out of its pandemic-induced hole this spring. The next test will be whether that momentum can continue as coronavirus cases rise, masks return and government help wanes.
Gross domestic product, the broadest measure of economic output, grew 1.6 percent in the second quarter of the year, the Commerce Department said Thursday, up from 1.5 percent in the first three months of the year. On an annualized basis, second-quarter growth was 6.5 percent.
The growth, fueled by strong consumer spending and robust business investment, brought output, adjusted for inflation, back to its prepandemic level. That is a remarkable achievement, exactly a year after the economy’s worst quarterly contraction on record. After the last recession ended in 2009, G.D.P. took two years to rebound fully.
Read the full article.
U.S. economy grew 6.5 percent in second quarter, marking full recovery from pandemic losses https://t.co/ssQPLiUey6
— The Washington Post (@washingtonpost) July 29, 2021
Breaking News: The U.S. economy grew 1.6% in the second quarter, a 6.5% annual rate, returning to its pre-Covid size. https://t.co/5DbS0Go2w8
— The New York Times (@nytimes) July 29, 2021